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BEGIN:VEVENT
UID:7951dbfb056d595bcb84996064c59633
CATEGORIES:Seminars
CREATED:20250626T063525
SUMMARY:Marco Bassetto - Federal Reserve Bank of Minneapolis
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nThe Role of Dispersed Information in Maintaining Low Interest Rates, jo
 int work with Carlo Galli (Universidad Carlos III, Madrid) and Jason Hall (
 University of Minnesota)\n\n\nAbstract:\nWhen public debt is issued in dome
 stic currency, any sudden confidence crisis in the repayment ability of the
  government need not trigger a default, since it can be accommodated by tem
 porary monetary financing, converting default risk into inflation risk. Whe
 n the default risk premium is determined by well-informed financial interme
 diaries while inflation arises from the choices of less-informed workers an
 d producers, this conversion masks adverse news, at least temporarily, and 
 results in lower interest rates following adverse shocks. In this paper, we
  assess the quantitative importance of this channel, and the extent by whic
 h it is eroded when persistent fiscal shortfalls shift the prior held by al
 l agents in the economy about the eventual resolution of the imbalance.\n
DTSTAMP:20260429T054554Z
DTSTART:20251209T163000Z
DTEND:20251209T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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